Highlights
- Kevin Choi and Evan Cho pitch Snactiv, seeking $200,000 for 10% equity.
- Snactiv offers “finger chopsticks” that let you snack without getting your hands dirty
- Post-show, Snactiv expanded internationally with annual revenue under $1 million as of late 2022.
Overview
| Category | Details |
|---|---|
| Name | Snactiv |
| Founders | Kevin Choi, Evan Cho |
| Industry | Snacking Accessories |
| Product | “Finger chopsticks” allowing hands-free snacking |
| Funding | Sought $200,000 for 10% equity on Shark Tank |
| Investment Ask | $200,000 |
| Equity Offered | 10% |
| Valuation | $2 million |
Kevin Choi and Evan Cho want a Shark to bite on Snactiv, “finger chopsticks” that let you snack without getting your hands dirty, in Shark Tank episode 1312. If you’ve ever eaten something like potato chips or Cheetos, you know they get your hands messy. You certainly wouldn’t want to be working on your computer while munching on these snacks; they’d get your keyboard all messy. With Snactiv, that’s not a problem anymore. Picture something that’s a cross between tweezers and chopsticks. Simply place them on your hand between your middle and fore finger and you can grab a snack hands free.
Choi and Cho know a bit about bringing products to market. They’re designers and engineers that have a lot of experience designing things from software to toys. The guys have worked with big companies like Mattel, Disney, Hasbro, Fuhu, and ZipRecruiter. Their product is a big hit with gamers, people who work on computers or anyone else who wants to enjoy a snack without soiling their fingers while snacking. Greasy potato chips and gaming consoles just don’t work well together.
They got started with a successful Kickstarter campaign that raised $41,700 back in April, 2021. They shipped the finished product in October, 2021, but by that time, there were numerous knock off products available online. A Snactiv comes in “dark mode” (black) or “light mode” (white). One unit will set you back $15 or $18 if you buy one with a case. They’re dishwasher safe and BPA free. They likely want a Shark’s help eliminating knock-offs. Will the Sharks bite on this snacking accessory?
Company Information
Video
Posts about Snactiv on Shark Tank Blog
Snactiv Shark Tank Recap
Kevin and Evan enter the Shark Tank seeking $200,000 for 10%. They start their pitch with Kevin sloppily eating cheese balls. He said he got tired of being a slob. He said he tried chopsticks. When they finally demonstrate the product the Sharks laugh.
Mr. Wonderful asks if you can still type with them on: YOU CAN. They cost $2.60 landed and $2.80 landed with the case. He got the idea during Covid lockdowns while he was working at home and getting his hands messy snacking. They are 5 and a half months old and have $187,000 in sales.
Did Snactiv Get A Deal?
Kevin Hart says he likes it. They plan to go into retail and they’re working with Asian distributors. They have a utility patent pending. Mr. Wonderful offers $200,000 for a $1 per unit royalty until he recoups $1 million, then the royalty goes away and he retains 10%. Kevin Hart and Lori are making plans to team up. Kevin Hart and Lori offer $200,000 for 20%. Mark tells them to say yes. When the Snactiv guys counter with 15%, Mr. Wonderful drops his equity to 5% and his royalty to 50 cents. They ultimately take Kevin and Lori’s offer.
Snactiv Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. On show night, Lori Tweeted:
Congrats
@KevinHart4real
on your 1st #SharkTank deal…happy it was with me!
@ABCSharkTank
The first re-run of this episode comes on June 11, 2022, less than six months after the original air date. Since then, there is no evidence the deal with Kevin and Lori closed. Kickstarter backers got their products in June, 2021. The company has gone international: the products are available in Canada and Singapore. As of October, 2022, the deal with Lori and Kevin didn’t close. Annual revenue is less than $1 million at this time. The Shark Tank Blog will follow-up on Snactiv & Kevin Choi and Evan Cho as more details become available.
More products from this episode! Check out other businesses that participated alongside Snactiv.
